IPO Details
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Schedule of Bluestone Jewellery & Lifestyle Ltd IPO
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Allotment of bids
Refund Initiation
Listing on exchange
About IPO
BlueStone Jewellery and Lifestyle Ltd. is launching its initial public offering (IPO) with a Fresh Issue of up to ₹1,000 Crore and an Offer for Sale of up to 23,986,883 Equity Shares. The IPO aims to raise funds for business expansion, working capital requirements, debt repayment, and general corporate purposes.
Objectives of BlueStone Jewellery and Lifestyle Ltd.
- The IPO includes a Fresh Issue and an Offer for Sale (OFS). Proceeds from the Fresh Issue will be used for working capital requirements, general corporate purposes, and to gain listing benefits on stock exchanges. The listing will enhance brand visibility and create a public market for its shares. Funds from the OFS will go to selling shareholders and will not be received by the company
BlueStone Jewellery and Lifestyle Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | ₹1,000 Crore |
Offer for Sale | 23,986,883 Equity Shares |
EPS (in ₹) for FY 24 | 7.836 |
BlueStone Jewellery and Lifestyle Ltd. IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 75% of the Offer size |
Non-institutional Investors (NIIs) | Not less than 15% of the Offer |
Retail-individual Investors (RIIs) | Not less than 10% of the Offer |
Industry Outlook
India’s jewellery market is poised for growth, driven by macroeconomic expansion, rising incomes, urbanisation, and changing consumer preferences. Jewellery is increasingly seen as both a status symbol and a personal enhancer. Diamonds and gold dominate the market, making up 70%-80%, with gemstones and platinum accounting for smaller shares. The largest markets are China, the US, and India, with China leading at ₹9,600 billion, followed by the US at ₹5,900 billion, and India at ₹5,562 billion (as of 2023). Factors such as rising disposable incomes, demand for personalised jewellery, and the rise of e-commerce are expected to further expand the market, especially for digital-first brands.
Company Information
BlueStone is a digital-first, direct-to-consumer (DTC) jewellery brand offering contemporary diamond, gold, platinum, and studded jewellery. As the second-largest digital-first omnichannel jewellery brand in India (Fiscal 2024), it operates through its website, mobile app, and a pan-India network of 203 stores across 86 cities. Founded in 2011, BlueStone caters to modern consumers (ages 25-45) seeking unique designs and contemporary styles, by having a strong presence in social media and online discovery. The brand delivers a seamless omnichannel experience, servicing over 12,600 PIN codes across India
BlueStone Jewellery and Lifestyle Ltd PO Strengths
Omni-Channel Retail Experience
BlueStone is the second-largest digital-first, omni-channel jewellery brand in India, based on revenue in Fiscal 2024. The company holds a market share of 26%-30% among omni-channel players in the jewellery industry. Their strategy blends online and offline shopping channels, creating a seamless, personalised shopping experience. Real-time inventory checks, “Try at Home” services, and a strong repeat revenue ratio of 43.23% in June 2024 further enhance customer engagement.
Brand Recognition & Customer Loyalty
Despite limited marketing spending, BlueStone has achieved notable brand recognition driven by social media, influencer collaborations, and traditional advertising. As of November 2024, BlueStone boasts 2.64 million Facebook followers, 520,819 on Instagram, and 147,873 on YouTube. The company’s marketing efforts focus on trend-based campaigns, customer testimonials, and brand recall.
Product & Design Innovation
BlueStone caters to customers who seek unique, modern jewellery designs for daily wear, prioritising individuality and self-expression. With over 7,400 designs and 95 collections, the brand specialises in trendy jewellery with studded elements like diamonds. Special initiatives like the "Big Gold Upgrade" and a flexible Gold Mine Instalment Plan further differentiate their offerings.
Risks of BlueStone Jewellery and Lifestyle Ltd. IPO
1. Omni-channel Experience:
The inability to provide a seamless omni-channel experience, transitioning from offline to online, could hinder growth, damage brand value, and negatively affect cash flows. The company’s ability to cater to customer preferences across platforms like websites, mobile apps, and stores is critical.
2. Brand Reputation:
The success of BlueStone depends on maintaining a strong brand image and awareness. Any decline in brand recall could adversely affect customer acquisition and retention, impacting long-term growth.
3. Product Design & Trends:
The jewellery business is highly sensitive to changing customer preferences. Inability to innovate and adapt designs to market trends could lead to reduced sales, excess inventory, and increased markdowns.
All Financial Information about Bluestone Jewellery & Lifestyle Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | BlueStone Jewellery and Lifestyle Ltd | Titan Company Ltd | Kalyan Jewellers India Ltd | Senco Gold Ltd | Thangamayil Jewellery Ltd | PC Jeweller Ltd |
|---|---|---|---|---|---|---|
Total Income for Fiscal 2024 (₹ crore) | 1265.8 | 51084.00 | 18548.3 | 5241.44 | 3826.78 | 605.40 |
P/E for FY 24 | NA | 8.83 | 13.09 | 4.86 | 4.75 | NA |
Return on Net Worth | (3.8) | 3.72 | 1.42 | 1.32 | 2.5 | (2.14) |
EPS in ₹ for | (7.84) | 3.94 | 0.58 | 2.41 | 4.49 | (1.35) |
Anchor Investor Bidding Date TBA
IPO Registrar and Book Running Lead Manager
KFin Technologies Limited is the registrar of the BlueStone Jewellery and Lifestyle Ltd. IPO. The book-running lead managers are:
- Axis Capital Limited
- IIFL Capital Services Limited
- Kotak Mahindra Capital Company Limited
Business Model
BlueStone Jewellery and Lifestyle Ltd. operate as an omnichannel jewellery retailer, offering diamond, gold, platinum, and studded jewellery through direct-to-consumer (DTC) and franchise-based models. The company focuses on:
- Omnichannel Strategy: Operates through online platforms and 203 stores across 86 cities.
- Franchise & Company-Owned Model: Utilizes FOFO (Franchise-Owned Franchise-Operated) and FOCO (Franchise-Owned Company-Operated) models for expansion.
- Revenue Streams: Generates revenue from product sales, franchise fees, and digital engagement.
Company Growth Trajectory
BlueStone has experienced significant growth in recent years, driven by a strong omnichannel strategy and an expanding retail footprint. Revenue from operations increased by 64.24% from ₹ 770.72 crore in Fiscal 2023 to ₹ 1265.83 crore in Fiscal 2024, primarily on account of an increase in the sale of products. The number of stores grew from 77 in FY 2022 to 203 by June 30, 2024, expanding its presence across 86 cities.
BlueStone continues to focus on expanding its omnichannel presence, leveraging digital sales, and strengthening its retail footprint to sustain growth in India's jewellery market.
BlueStone Jewellery and Lifestyle Ltd. Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crore) | 1303.49 | 787.89 | 476.67 |
Loss Before Tax (in ₹ crore) | (142.24) | (167.24) | (1261.31) |
Loss After Tax (in ₹ crore) | (142.24) | (167.24) | (1268.41) |
EBITDA (in ₹ crore) | 53.049 | (56.034) | (26.655) |
EPS (in ₹) | (7.836) | (9.214) | (69.877) |
BlueStone Jewellery and Lifestyle Ltd. Cash Flow
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Net Cash Used in Operating Activities (in ₹ crore) | (1,81.16) | 27.13 | 32.76 |
Net Cash Used in Investing Activities (in ₹ crore) | (381.65) | (204.83) | (71.38) |
Net Cash Generated from Financing Activities (in ₹ crore) | 594.85 | 196.08 | 37.69 |
Cash and Cash Equivalent at the End of the Year (in ₹ crore) | 59.14 | 27.10 | 8.71 |
How do you check the allotment status of BlueStone Jewellery and Lifestyle Ltd.?
You can check the allotment status of shares either on the Bombay Stock Exchange (BSE) website or on the website of KFin Technologies Limited. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is BlueStone Jewellery and Lifestyle Ltd.
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status To check the status on the website of KFin Technologies Limited.
- Visit the website of Link Intime Private Ltd
- Click on IPO Allotment Status
- Choose the name of the company from the ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
How to Apply for BlueStone Jewellery and Lifestyle Ltd.?
Here are the steps to apply for BlueStone Jewellery and Lifestyle Ltd. IPO:
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Bluestone Jewellery & Lifestyle Ltd IPO FAQs
What is the BlueStone Jewellery and Lifestyle Ltd IPO?
The BlueStone Jewellery and Lifestyle Ltd. IPO is a book-built issue comprising a fresh issue of up to ₹1,000 Crore.
Is BlueStone Jewellery and Lifestyle Ltd. IPO coming?
Yes, BlueStone Jewellery and Lifestyle Ltd. is expected to launch its IPO soon.
Who is the CEO of BlueStone Jewellery and Lifestyle Ltd.?
The Managing Director (MD) of BlueStone Jewellery and Lifestyle Ltd. is Gaurav Singh Kushwaha.
From where can I read more about the IPO of BlueStone Jewellery and Lifestyle Ltd?
You may read more about BlueStone Jewellery and Lifestyle Ltd. and its IPO from the company’s draft red herring prospectus (DRHP) here.
